Structure of DEPF
The DuPont European Pension Fund (DEPF) is an OFP (Organisation for Financing Pensions). An OFP is a pension fund in accordance with Belgian law administering pension schemes for Belgian companies, and also for companies from other countries, including the Netherlands. Administration of foreign pension schemes is subject to the approval of the Belgian Financial Supervisor, the FSMA.
Sections within DEPF
DEPF is DuPont’s European pension fund. DEPF is currently administering pension schemes for a number of DuPont companies in both Belgium and the Netherlands. As per 1 June 2019, five companies are affiliated to DEPF, divided in three sections:
- Section DuPont Belgium
– DuPont de Nemours (Belgium) bv, Mechelen
- Section DuPont Netherlands
– DuPont de Nemours (Nederland) B.V., Dordrecht (NL)
– DuPont Filaments Europe B.V., Landgraaf (NL)
– Solae Overseas B.V., Oudekerk aan den IJssel (NL)
- Section Genencor Netherlands
– Genencor International B.V., Leiden (NL)
The structure of DEPF
The fund structure is as follows:
The highest body of DEPF is the General Assembly (GA). The GA consists of representatives of all companies participating in DEPF, i.e. both from the Netherlands and Belgium. In principle, the GA meets annually, or more often as required. Depending on the size of the company, the GA members have voting rights on key issues. The authorisation level of the GA is set out in DEPF’s bye-laws (see the downloads section).
Board of Directors
The General Assembly delegates authorisation to the Board of Directors of DEPF. The Board of Directors of DEPF consists of three experienced Board members.
The Board of Directors determines the policy and strategy, and supervises the administration of the pension schemes. In particular, the Board determines the investment strategy and monitors the performance of the investments. For this purpose, the Board is in close consultation with the administrators of the various sections and the asset manager.
The Daily Management Committee serves as the central coordinator to enable smooth professional daily operations. Under the Board of Directors’ supervision, it is responsible for the daily operations based on partial decision-making power.
As per 1 January 2017, the Board of Directors of DEPF consists of the following Board members:
Erik van Diepen, chairman
Wim Stragier, secretary
Chris Newton, board member
Member participation through pension committees
Belgian law allows for direct contact between the pension fund and the participants of the member companies. Such contact can be realised by appointing a pension committee with formal representation of the members. DEPF makes use of this option. The appointment of a pension committee within DEPF is set out in the Pension Committees’ Umbrella Charter.
For each of the sections, and therefore for each separately managed pension plan within DEPF, the member employers created a pension committee. Each pension committee has its own Charter. Depending on the situation, the pension committee consists of representatives of the employer, the participants and/or pensioners.
The pension committee has the right of information on financial and administrative policy and management of their section’s pension plan. The pension committee has the right to advice in accordance with the social and labour legislation applicable in the country where the contributing companies are registered and in accordance with the rules relating to communication of the pension scheme to all members and beneficiaries. The Pension Committee does not have decision-making power relating to the management and administration of the pension scheme, and the actions performed must always be in compliance with the pension rules.
Auditors and consultants
According to Belgian legislation, the Board of Directors of a pension fund must involve certain internal supervisory and advisory officers in the structure and administration of the pension fund. This includes a compliance officer, internal auditor, external auditor and external actuary.
The Board also has the support of DuPont specialists and external consultants.